Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
Geostrategy
Saudi Arabia’s first social network Jaco attracts 1m users in 2 months
RIYADH, SAUDI ARABIA:Â Â The supervisor of the Kingdom's first social network Jaco - Saudi entrepreneur Fahd Al-Shidi announced that the...
Business
Business
MEASA’s biggest food processing and packaging show opens in Dubai
Gulfood Manufacturing, the largest food and beverage processing and packaging show for the Middle East, Africa, and South Asia (MEASA),...
- The event will run for three days and address the sector’s sustainable packaging, automation, and F&B supply chain issues.
- UAE’s trade in food commodities contributed more than seven percent of the country's GDP for 2020.
Business
Abdulmohsen Alhokair of KSA reports 17.8% jump in net losses
Abdulmohsen Alhokair, the Saudi entertainment group, has reported an increase in net losses by 17.8 percent during the first 9...
- Net losses increased to SR123.87 million in the first 9 months of 2021 from SR105.15 million during the same period of the last year
- The group’s net profit for the third quarter in 2021 has increased by 106 percent
Business
Bahrain eyes 14m tourists a year by 2026
Under the new 2022-2026 tourism strategy, the country also aims at an average daily visitor spend of 74.8 Bahraini dinars...
- The kingdom also aims at 11.4 percent of GDP to come from the tourism sector by 2026.
- Developing marine attractions, business tourism, sports tourism, recreational tourism and medical tourism among targets.
Business
Dubai court orders Marka managers, directors to settle $122m debt
A Dubai court has ordered the managers and directors of Marka Holdings to repay the company’s AED448 million (around $128...
- The court ruled that the managers and directors of the company had mismanaged it, leading to an underfunded bankruptcy
- An underfunded bankruptcy is one where the entirety of the company’s assets is less than 20 percent of its outstanding debt
Abu Dhabi enacts personal status law for non-Muslims
The emirate of Abu Dhabi has proclaimed a new law in order to regulate personal status matters for non-Muslims, providing...
- The law supports the Emirate's leadership by issuing the first civil law governing non-Muslim family matters in line with international best practices
- The new law applies civil principles in the regulation of family matters
Business
YahSat Q3 profit down 38 percent
YahSat said its contracted future revenues are over $2 billion.
- Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022.
- YahSat was last week appointed by the UAE government to complete a detailed analysis, assessment and recommendation for two new satellites.
Business
EGA increases Al Taweelah smelter plant’s capacity by 78,000 tons per year
Emirates Global Aluminium (EGA) has increased the production capacity at Abu Dhabi's Al Taweelah smelter by 78,000 tons per year....
- The plant adds 66 new reduction cells that were built using EGA's locally developed technology.
- He said all 2,843 reduction cells at EGA use the company's own efficient technology developed in the UAE, says EGA CEO.
Business
Tadawul of Saudi Arabia to list its IPO on the bourse
Tadawul, the owner of Saudi Arabia's stock exchange, will proceed with its initial public offering (IPO) and list the shares...
- The operator of the bourse will offer 36 million ordinary shares, representing 30 percent of its issued share capital of 120 million shares
- This comes after the Gulf state’s regulator, Capital Markets Authority (CMA), signed off on the exchange’s IPO last week
Business
Axa insurance Q3 premiums down 7 percent
Q3 net profit down 18 percent from the same period last year.
- The firm's total comprehensive income also dropped 36 percent to 38 million riyals.
- Axa said the fall in net profit can be attributed to the overall decrease in insurance results and an increase in investment income.
Business
Colombia targets $1bn trade and direct flights with UAE
Colombia sees the UAE as a potential partner for growth in bilateral trade, economy, and tourism.
- Non-oil bilateral trade between the two countries amounted to $176 million in the first half of 2019
- The two nations are also in talks over signing a MoU for double taxation avoidance
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
Geostrategy
Company News
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GIG H1 net profit $48.9 million
Business
Qatar hopes to make US$17bn in profit from World Cup
The 2022 World Cup may prove to be a big windfall for Qatar as it hopes to make some $17...
Business
IsDB, Jordan sign two pacts to support food security, tourism sector
Jordanian Prime Minister Bisher Al-Khasawneh commended the continuous support of IsDB for economic projects in Jordan including help in the...
Economy
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Business
Salik begins trading on DFM, after large investor interest
Dubai, UAE— Salik, Dubai toll operator, has listed on Dubai Financial Market under the name of "SALIK", after the offering...
- It is the third public offering and listing on the DFM in 2022 as part of the plan to develop financial markets in the country
- The strong demand toward the issuance prompted the company to raise the offered shares to 1,867,500,000 shares representing 24.9 percent of its share capital
Economy
UAE tops Arab countries in WIPO’s Global Innovation Index 2022
The UAE also ranked 18th globally on the GII's Innovation Input Sub-Index, five ranks higher than 2021.
- The country also ranked 18th globally on the GII's Innovation Input Sub-Index, five ranks higher than 2021
- It ranked 6th globally in the Institutions indicator, as compared to 24th last year, 7th in the Infrastructure indicator, as compared to 14th in 2021
Business
Specialized sessions on Metaverse opportunities held in Dubai
As many as seven side sessions were held on the first of the two-day specialized sessions on Metaverse.
- The first day's sessions discussed methods of an economically viable, inclusive and safe metaverse, focusing on governance, and economic and social value creation.
- The first day of the Dubai Metaverse Assembly also included live demonstrations in web 3.0 and the metaverse introduced by SIAPartners.